Chevron and JX Nippon Oil and Energy Corporation Sign LNG Agreement

Agreement for delivery of LNG from Gorgon Project for 15 years

SAN RAMON, Calif., May 9, 2011 – Chevron Corporation (NYSE: CVX) today announced that its Australian subsidiary has signed a Sales and Purchase Agreement (SPA) with JX Nippon Oil and Energy Corporation for a portion of Chevron's offtake of liquefied natural gas (LNG) from the Gorgon Project.

Under the binding agreement, JX Nippon Oil and Energy will receive 0.3 million tons per annum (MTPA) of LNG from the Gorgon Project for 15 years.

John Gass, president, Chevron Gas and Midstream, welcomed JX Nippon Oil and Energy Corporation as a customer of the Gorgon Project. "We are pleased to have JX Nippon Oil and Energy as a customer of the Gorgon Project. Chevron has a long-standing relationship with JX Nippon Oil and Energy, and we look forward to continuing to grow our relationship."

Roy Krzywosinski, managing director, Chevron Australia, said, "The agreement is another step towards commercializing our equity natural gas in Australia, further demonstrating Chevron's leading ability to meet long-term demand growth in Asia-Pacific. Construction of the Gorgon Project is progressing well with first gas expected in 2014."

Chevron is the operator of the Gorgon Project and holds an approximate 47 percent interest.

The initial Gorgon Project development, situated in northwestern Australia, will include a three-train, 15 MTPA LNG facility and a domestic gas plant.

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

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